Tradeweb Markets Inc. (TW) Revenue History
Annual and quarterly revenue from 2016 to 2025
Compound Annual Growth Rate (CAGR)
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Revenue Growth Metrics
Revenue Breakdown (FY 2025)
TW's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
TW Revenue Analysis (2016–2025)
As of February 28, 2026, Tradeweb Markets Inc. (TW) generated trailing twelve-month (TTM) revenue of $2.05 billion, reflecting strong growth of +12.5% year-over-year. The most recent quarter (Q4 2025) recorded $521.2 million in revenue, up 2.5% sequentially.
Looking at the longer-term picture, TW's 5-year compound annual growth rate (CAGR) stands at +18.1%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $2.05 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows TW's business is primarily driven by Transaction Fee Revenue (83%), Subscription Fee Revenue (11%), and Market Data Revenue (5%). With over half of revenue concentrated in Transaction Fee Revenue, the company maintains significant focus in this area while developing other growth vectors.
When compared to Financial Services sector peers including MKTX, and MIAX. Compare TW vs MKTX →
Peer Comparison
Compare TW's revenue metrics with industry peers
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| TWCurrent | $2.1B | +12.5% | +18.1% | 40.3% | |
| MKTX | $817M | - | - | 41.7% | |
| MIAX | $1.1B | - | - | -0.2% |
Historical Revenue Data
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $2.05B | - | $1.36B | 66.1% | $827.1M | 40.3% |
| 2024 | $1.73B | - | $1.13B | 65.7% | $678.0M | 39.3% |
| 2023 | $1.34B | - | $877.9M | 65.6% | $505.3M | 37.8% |
| 2022 | $1.19B | - | $756.4M | 63.6% | $412.6M | 34.7% |
| 2021 | $1.08B | - | $669.2M | 62.2% | $358.8M | 33.3% |
| 2020 | $892.7M | - | $543.0M | 60.8% | $263.4M | 29.5% |
| 2019 | $775.6M | - | $446.1M | 57.5% | $189.8M | 24.5% |
| 2018 | $657.6M | - | $368.1M | 56.0% | $172.3M | 26.2% |
| 2017 | $504.4M | - | $255.5M | 50.6% | $89.1M | 17.7% |
| 2016 | $492.2M | - | $263.6M | 53.6% | $93.1M | 18.9% |
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Start ComparisonFrequently Asked Questions
Is TW's revenue growth accelerating or slowing?
TW maintains +12.5% revenue growth, in line with its 5-year CAGR of +18.1%. TTM revenue stands at $2.1B. Growth rate remains consistent with historical average.
What is TW's long-term revenue growth rate?
Tradeweb Markets Inc.'s 5-year revenue CAGR of +18.1% reflects the sustained expansion pattern. Current YoY growth of +12.5% is near this long-term average.
How is TW's revenue distributed by segment?
TW reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2016-2025 are available for download. Segment mix reveals concentration and diversification trends.